Eurazeo Paris Ord (EUZOF) Q4 2025 Earnings Call

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WEBVTT 00:00:01.803 -- 00:00:05.729 Good morning. Thank you for joining this call. 00:00:05.729 -- 00:00:12.118 Christophe and I are pleased to welcome you to our 2025 full year results presentation. 00:00:12.118 -- 00:00:16.905 Our presentation will be in three parts. First, I will share with you key financial and 00:00:16.905 -- 00:00:20.307 non-financial highlights for 2025. 00:00:20.770 -- 00:00:25.537 Second, Christophe will focus on fundraising, client franchise development and asset 00:00:25.537 -- 00:00:30.187 rotation. Third and last, I will detail our financial results. 00:00:30.187 -- 00:00:34.029 We will then be available to take your questions. 00:00:34.892 -- 00:00:36.374 2025 00:00:36.374 -- 00:00:41.699 was another year of growth for Eurazeo. We continued to execute well on our strategic 00:00:41.699 -- 00:00:45.884 roadmap, in spite of a still complex environment. 00:00:45.884 -- 00:00:49.167 First, we delivered strong growth in asset management. 00:00:49.167 -- 00:00:53.652 We continued to gain market share, which reflects the relevance of our positioning and 00:00:53.652 -- 00:00:57.592 the strengths of our distribution capabilities. 00:00:57.592 -- 00:01:01.958 Fundraising reached 5.5 billion euros in 2025, 00:01:01.958 -- 00:01:07.485 up 28% compared to last year. AUM from third parties 00:01:07.485 -- 00:01:12.591 rose by a strong 15% year on year. We expanded 00:01:12.591 -- 00:01:17.838 our client franchise, adding 44 new institutional clients, whilst 00:01:17.838 -- 00:01:22.381 our AUM in wealth increased by 16%. 00:01:22.718 -- 00:01:26.463 Third-party management fees grew by 10% 00:01:26.463 -- 00:01:29.248 in the private market segment. 00:01:29.248 -- 00:01:34.515 And profitability continues to improve. FRA margin reached 36%, 00:01:34.5...